13 false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2021 - FRS102_2021 46,481 46,481 20,000 20,000 20,000 xbrli:pure xbrli:shares iso4217:GBP 10022727 2022-04-01 2023-03-31 10022727 2023-03-31 10022727 2022-03-31 10022727 2021-04-01 2022-03-31 10022727 2022-03-31 10022727 core:NetGoodwill 2022-04-01 2023-03-31 10022727 core:LandBuildings core:LongLeaseholdAssets 2022-04-01 2023-03-31 10022727 core:PlantMachinery 2022-04-01 2023-03-31 10022727 core:FurnitureFittings 2022-04-01 2023-03-31 10022727 core:MotorVehicles 2022-04-01 2023-03-31 10022727 bus:Director1 2022-04-01 2023-03-31 10022727 bus:Director2 2022-04-01 2023-03-31 10022727 core:NetGoodwill 2023-03-31 10022727 core:LandBuildings 2022-03-31 10022727 core:PlantMachinery 2022-03-31 10022727 core:FurnitureFittings 2022-03-31 10022727 core:MotorVehicles 2022-03-31 10022727 core:LandBuildings 2023-03-31 10022727 core:PlantMachinery 2023-03-31 10022727 core:FurnitureFittings 2023-03-31 10022727 core:MotorVehicles 2023-03-31 10022727 core:LandBuildings 2022-04-01 2023-03-31 10022727 core:WithinOneYear 2023-03-31 10022727 core:WithinOneYear 2022-03-31 10022727 core:AfterOneYear 2023-03-31 10022727 core:AfterOneYear 2022-03-31 10022727 core:ShareCapital 2023-03-31 10022727 core:ShareCapital 2022-03-31 10022727 core:RetainedEarningsAccumulatedLosses 2023-03-31 10022727 core:RetainedEarningsAccumulatedLosses 2022-03-31 10022727 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-03-31 10022727 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 10022727 core:Non-currentFinancialInstruments 2023-03-31 10022727 core:LandBuildings 2022-03-31 10022727 core:PlantMachinery 2022-03-31 10022727 core:FurnitureFittings 2022-03-31 10022727 core:MotorVehicles 2022-03-31 10022727 bus:SmallEntities 2022-04-01 2023-03-31 10022727 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 10022727 bus:FullAccounts 2022-04-01 2023-03-31 10022727 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10022727 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10022727 core:OfficeEquipment 2022-04-01 2023-03-31 10022727 core:OfficeEquipment 2022-03-31 10022727 core:OfficeEquipment 2023-03-31
COMPANY REGISTRATION NUMBER: 10022727
M & B Engineering (Leicester) Limited
Filleted Unaudited Financial Statements
31 March 2023
M & B Engineering (Leicester) Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
504,455
537,631
Investments
7
20,000
---------
---------
524,455
537,631
Current assets
Stocks
311,000
259,000
Debtors
8
570,439
813,906
Cash at bank and in hand
645
669
---------
------------
882,084
1,073,575
Creditors: amounts falling due within one year
9
1,124,089
1,360,657
------------
------------
Net current liabilities
242,005
287,082
---------
---------
Total assets less current liabilities
282,450
250,549
Creditors: amounts falling due after more than one year
10
181,958
171,163
---------
---------
Net assets
100,492
79,386
---------
---------
M & B Engineering (Leicester) Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
Capital and reserves
Called up share capital
100
100
Profit and loss account
100,392
79,286
---------
--------
Shareholders funds
100,492
79,386
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 June 2023 , and are signed on behalf of the board by:
Mr R Gregg
Mr J Gorensweigh
Director
Director
Company registration number: 10022727
M & B Engineering (Leicester) Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit D2, Winchester Avenue, Blaby Industrial Park, Blaby, Leicester, LE8 4GZ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are no significant items of this nature included in these accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Customer order book
-
10% straight line
Plant and machinery
-
5% reducing balance
Fixtures and fittings
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2022: 11 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
46,481
--------
Amortisation
At 1 April 2022 and 31 March 2023
46,481
--------
Carrying amount
At 31 March 2023
--------
At 31 March 2022
--------
6. Tangible assets
Land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2022
6,000
593,665
37,783
3,000
81,696
722,144
Additions
167
1,620
1,787
-------
---------
--------
-------
--------
---------
At 31 Mar 2023
6,000
593,665
37,950
3,000
83,316
723,931
-------
---------
--------
-------
--------
---------
Depreciation
At 1 Apr 2022
2,400
133,564
23,516
2,999
22,034
184,513
Charge for the year
600
23,006
2,165
9,192
34,963
-------
---------
--------
-------
--------
---------
At 31 Mar 2023
3,000
156,570
25,681
2,999
31,226
219,476
-------
---------
--------
-------
--------
---------
Carrying amount
At 31 Mar 2023
3,000
437,095
12,269
1
52,090
504,455
-------
---------
--------
-------
--------
---------
At 31 Mar 2022
3,600
460,101
14,267
1
59,662
537,631
-------
---------
--------
-------
--------
---------
7. Investments
Shares in participating interests
£
Cost
At 1 April 2022
Additions
20,000
--------
At 31 March 2023
20,000
--------
Impairment
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
20,000
--------
At 31 March 2022
--------
8. Debtors
2023
2022
£
£
Trade debtors
247,249
493,912
Other debtors
323,190
319,994
---------
---------
570,439
813,906
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
15,604
12,219
Trade creditors
251,477
220,596
Social security and other taxes
295,353
376,979
Bibby Invoice Finance
154,511
366,927
Other creditors
407,144
383,936
------------
------------
1,124,089
1,360,657
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,183
31,519
Other creditors
161,775
139,644
---------
---------
181,958
171,163
---------
---------